Mumbai has emerged as the eighth-ranked housing market among 46 major cities worldwide after prices of prime residential properties increased 6.2% year-on-year during the June quarter. The data was released by real estate consultancy Knight Frank India as part of its global housing market assessment.
The performance came despite relatively subdued growth across the international prime residential market. Average prices across the 46 cities increased 2.6% annually during the quarter, with 32 markets recording year-on-year growth.
Mumbai’s 6.2% rise placed it among the world’s top 10 housing markets for prime residential price growth.
Bengaluru Ahead of Delhi in Global Ranking
Bengaluru recorded a 4.5% annual increase in prime residential property prices during the June quarter, placing it 12th among the 46 cities.
Delhi stood at 17th, with prime property prices rising 3.9% year-on-year. Both Indian cities therefore recorded slower growth than Mumbai, while Bengaluru remained ahead of Delhi in the international ranking.
Tokyo Leads Global Prime Housing Market
Tokyo topped the global ranking after prime residential property prices in the Japanese capital jumped 50.7% year-on-year during the June quarter.
Manila secured the second position with a 14.6% increase, followed by Dubai in third place with 10.9% growth. Singapore ranked fourth after prices climbed 9.5%, while Nairobi was fifth with an 8.5% rise.
Christchurch recorded a 6.9% increase to rank sixth, followed by Seoul in seventh place at 6.4%. Mumbai came next with 6.2% growth.
Vienna ranked ninth with a 5.9% increase, while San Francisco completed the top 10 with a 5% rise.
Strong Demand Supports Mumbai’s Prime Property Market
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said Mumbai’s position among the 10 fastest-growing major housing markets was notable against the backdrop of slower global price growth.
According to Baijal, the 6.2% annual increase reflects continued demand for prime residential properties in the city. He attributed the market’s strength to factors including location, quality and the distinctive nature of high-end housing.
Baijal also said the figures highlight the connection between Mumbai’s prime residential market, long-term wealth creation and limited housing supply.
Disclaimer
This article is based on data and comments released by Knight Frank India and is intended for general informational purposes only. Property prices and market conditions can change over time and may vary across locations and individual properties. Readers should conduct their own research and consult qualified professionals before making real estate or investment decisions.